Maximize Your Savings
With Home Loan Solutions!

Maximize Your Savings

With Home Loan Solutions!

Make property ownership a breeze.

What Is Home Loan?

It is a type of loan issued by financial institutions to individuals to finance the purchase of a property, either for personal use or for investment purposes, where borrowers can return the loan over a period of time, typically 15 to 30 years with interest.


Home Loan Redemption is the act of completely repaying a mortgage and closing the loan account, whereas Home Loan Refinancing is the act of taking out a new loan to pay off an existing loan, usually with the aim of obtaining a cheaper interest rate or better loan terms by moving the outstanding balance of an existing home loan to a new lender.

A Simplified 4-Step Process
Our Seamless & Personalised Process
Loan Assessment
Loan Application
Legal Documentation
Loan Settlement

What Is Home Loan?

It is a type of loan  issued by financial institutions to individuals to finance the purchase of a property, either for personal use or for investment purposes, where borrowers can return the loan over a period of time, typically 15 to 30 years with interest.

Home Loan Redemption is the act of completely repaying a mortgage and closing the loan account, whereas Home Loan Refinancing is the act of taking out a new loan to pay off an existing loan, usually with the aim of obtaining a cheaper interest rate or better loan terms by moving the outstanding balance of an existing home loan to a new lender.

A Simplified 4-Step Process
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Loan Assessment
Loan Application
Legal Documentation
Loan Settlement
A Simplified 4-Step Process

Why Do You Need It?​

How Do We Help?​

Lawhub LLC specializes in providing comprehensive services for home loan redemption and refinancing. Our experienced attorneys assist you in navigating their options, preparing precise legal documentation, and engaging in strategic negotiations with financial institutions to secure the most favourable terms. With a steadfast commitment to protecting your rights and interests, we support you in both home loan redemption and refinancing to help achieve your financial objectives.

Whether looking to pay off your mortgage or capitalize on lower interest rates, trust our knowledgeable and skilled team of home loan refinancing and redemption lawyers in Singapore to guide you through the process with ease and success.
 

Service Inclusions

Our Home Loan Refinancing & Redemption Lawyers in Singapore can help with:

    • Review of current home loan and financial situation
    • Determination of suitability for refinancing
    • Submission of loan application to new lender
    • Preparation and submission of required documents
    • Support throughout the application process
    • Coordination with the lender to ensure the application process is completed successfully.
    • Preparation of legal documents for refinancing or redemption process
    • Review of mortgage agreements and transfer of ownership documents
    • Arrangement for property valuation report
    • Coordination with relevant authorities
    • Obtainment of property search report (if necessary)
    • Ensuring compliance with all legal requirements during the refinancing or redemption process.
    • Ensuring seamless loan settlement process, including paying off the existing loan and disbursing the new loan to the borrower..
    • Handling legal aspects of loan closure and closing off the loan account.
    • Updating relevant authorities (Land Office, Housing and Development Board) to reflect the change in mortgagee.
    • Providing legal advice and guidance on refinancing or redemption process to meet your financial goals.
    • Ensuring compliance with relevant laws and regulations.
    • Supporting the borrower throughout the process.

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Frequently Asked Questions

Q.1 What distinguishes Refinancing from Repricing?
Generally, Refinancing and Repricing occur after the lock-in period of an existing loan and aim to secure more favourable terms for a mortgage. Refinancing is a more involved process that involves comparing offers from different banks, additional legal and conveyancing work, and dealing with mortgage brokers. The new lender must also assess the borrower’s financial status and re-evaluate the property. Repricing is more straightforward as it only involves adjusting specific loan terms with the current bank, with fewer fees. However, the benefit of comparing offers from different banks has yet to be available. Additionally, a credit assessment is not necessary. In Singapore, it’s essential to remember that the Total Debt Servicing Ratio (TDSR) framework applies at the time of loan application, so any changes to the TDSR limit after the first loan could affect future refinancing or repricing.
Q.2 What should be considered when evaluating eligibility for home loan refinancing in Singapore?
  1. Lock-in Periods:  When refinancing a home loan in Singapore, it’s essential to check if you are still within the lock-in period of your current mortgage. The lock-in period is a contractual agreement between you and the lender that restricts you from refinancing or paying off your mortgage before a specific date. If you are still within the lock-in period, you may be subject to penalties or fees for early repayment.
  2. Interest Review and Thereafter Dates: Some home loans in Singapore have interest rate reviews, typically every two to three years. It is essential to consider when the following interest rate review is due and what the expected interest rate will be. If your interest rate is going to increase, it may make sense to refinance to a lower rate to save on monthly mortgage payments.
  3. Subsidy Clawbacks: If you have received government subsidies or incentives for your current home loan, you may be required to pay back a portion of the subsidy when you refinance. This is known as a subsidy clawback. Before refinancing, it’s important to consider how much of the subsidy will need to be repaid and if the savings from refinancing will offset the cost of the clawback.
  4. Total Debt Servicing Ratio (TDSR): The Total Debt Servicing Ratio (TDSR) measures your ability to repay your debts based on your income and debts. To refinance a home loan in Singapore, you must meet the TDSR requirements of the Monetary Authority of Singapore. If your TDSR is too high, you may not be able to refinance, so it’s important to consider this factor before applying.
Q.3 Are there any fees associated with home loan redemption and refinancing in Singapore?
Yes, there are typically fees associated with home loan redemption and refinancing in Singapore, including legal fees, valuation fees, processing fees, and stamp duty. It is important to carefully consider these costs when deciding whether to redeem or refinance your home loan. It is recommended to work with a property lawyer or mortgage broker, or even a home loan redemption lawyer in Singapore to assess your options and make an informed decision.
Q.4 Can I refinance my home loan more than once?

Refinancing your home loan more  than once is possible, but it is important to understand the implications and weigh the benefits before making a decision.
Refinancing multiple times can lead to additional costs such as legal fees, processing fees, and stamp duty, which can add up over time and offset any potential savings from lower interest rates. Additionally, each time you refinance, it can impact your credit score as it involves taking on new debt and paying off existing debt.
Therefore, it is crucial to carefully consider the costs, time, and impact on your credit score before refinancing your home loan multiple times.

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